Weekly Wrap-up | Why Housing.com, Xiaomi, Doormint and OYO Rooms are in...

Weekly Wrap-up | Why Housing.com, Xiaomi, Doormint and OYO Rooms are in the news.


housing_lookup1. Housing.com Acquires HomeBuy360 For $2 Million:
Housing.com, today announced that it has acquired HomeBuy360, a cloud based Sales Lifecycle Management Platform that connects developers, agents and buyers, for $2 million. Housing.com is now the only online real estate listing platform to own a developer CRM company.

Commenting on the acquisition, Rishabh Gupta, iCEO and COO Housing.com stated, “Developers are key stakeholders to drive efficiency in the Indian real estate sector. Our vision is that every developer uses HB360 to bring down their sales and operating costs. This will help in reduction of property prices eventually benefitting the consumers.”

Leveraging this unique platform, developers and agents can streamline the entire sales lifecycle, by tracking inventory, managing customer relations and in effect drive efficiencies in their sale operations. This will help reduce costs for 20,000+ developers in the realty ecosystem. This acquisition will also fortify Housing.com’s Data Science Lab (DSL) with rich data on inventory and transactions in the real estate sector.

Commenting on the partnership, Rajat Kothari, Founder and CEO, HomeBuy360 said, “The Indian real estate sector is witnessing tremendous growth and traction but it is still highly unorganized, posing significant challenges for the entire ecosystem. With less than 10% of developers currently using CRM for their back end & customer connect operations, we have a huge market opportunity ahead of us. Housing.com has today established itself as a disrupter with innovative products and solutions. Its strong developer network pan India will allow us to further scale our business nationally”.

2. Housing.com Appoints Jason Kothari As Its Chief Business Officer:
India’s largest real estate portal Housing yesterday announced the appointment of Jason Kothari as its Chief Business Officer and member of the Operating Committee to drive its overall strategy and growth in India. Jason, together with iCEO & COO Rishabh Gupta, will be reporting to the Operating Committee and the Board.

Jason was the co-founder & CEO of Valiant Entertainment prior to joining Housing, where he successfully led the acquisition and turnaround of former $65 million unit of video game company Acclaim Entertainment which owns and controls a library of popular entertainment characters, resulting in a 50x company value increase and global media recognition calling the company “Marvel 2.0”.

Jason Kothari

Rishabh Gupta, ICEO and COO, said, “Backed by a global and diverse work experience, Jason brings valuable knowledge and understanding of the entrepreneurial industry having founded and closely worked with entrepreneurial ventures.  We are delighted to have Jason on board who will prove to be asset to our management team as the company charts the next phase of growth.”

Jason Kothari, Chief Business Officer, Housing.com said, “Housing.com’s highly talented team has created market leading products and services that have the potential to revolutionize the real estate space in India, expected to be over $850 billion in 2028, and help millions of people across the country buy, sell, rent, finance and design their homes.  I look forward to helping the Company move to its next stage of evolution and help transform its world-class products into a world-class business.”

Jason is a Bachelor of Science from the University of Pennsylvania – The Wharton School and has been a Guest Lecturer in Entrepreneurship through Acquisition and Entrepreneur-In-Residence at Wharton.  He is also a personal investor and advisor to various start-up companies.

3. Xiaomi Partners With Redington To Sell Its Devices Offline In India:
Xiaomi-Redington-PartnershipXiaomi, the Shenzhen-based mobile manufacturer company entered India a year back with an exclusive partnership with Flipkart to sell its flagship products. Since then the company has tied up with many a partners to retailing their device in country, like Amazon India, Snapdeal and also on its own website.

Recently it also announced the partnership with Redington, one of the crucial biggest vendors of cellular phone in India to promote its units in bodily retail outlets.

Redington is presently an Apple partner who markets and retails their devices in the country. After the partnership with Xiaomi it’ll also be responsible to sell products like Redmi, MI Pad etc.

The programme will begin on a pilot basis from 10-15 top cities over the next one to two months, starting next week. The model will then be perfected before scaling up to cover all major cities.

“We would be starting a new channel of sales in unorganised retail market in India by partnering with Redington,” said Manu Jain, head of India operations at Xiaomi. “Over next few months, we may add one or two more partners,” he added.

3.Doormint Raised $3 Million In Series A Funding Co-led by Helion Ventures and Kalaari Capital:

DoorMint Funding

Doormint, one of India’s fastest growing home service provider, has raised near to $3 million in its Series A Funding. Co-led by Helion Ventures and Kalaari Captial, the investment will provide Doormint the resources to expand its current service network in Mumbai as well as establish its presence in other metro cities. Doormint is also looking to get professionals with a proven track record on board its team across marketing, operations and technology.

Focusing on amazing convenience and service quality, Doormint aims to resolve the household grievances of the always-mobile metropolitan populace through its mobile app and online platforms. With the funding, Doormint plans to set in motion an aggressive, targeted expansion campaign that would establish it as a leader owing to its innovative technology to control operations and better networking capability with both customers and service providers.

Ritesh Banglani, Partner at Helion Ventures said “On-demand home services is a fast-growing market in urban areas where tech savvy consumers seek time-saving resources to meet their household needs of maintenance and repair. Doormint’s key differentiation of a branded service nature that takes full responsibility for service delivery and customer satisfaction along with convenient and superior product offerings such as one-touch home service to eliminate calling, upfront pricing and post service warranty are pegged to make it the market leader.”

Abhinav Aggarwal, CEO Doormint, said, “We aim to provide affordable, technology driven home solutions to our consumers. The latest investment comes as a major shot in the arm, enabling us to expand and consolidate our service network in Mumbai while also proliferating in other metro cities. We have complete faith that with our superior service penetration and customer-oriented mobile interface, we will establish ourselves as a market leader in the next 6-8 months.”

With its growing service network and robust business model, Doormint’s vision of revolutionizing home services in the country is fast becoming a viable reality. Expansion plans are already lined up for Delhi, Gurgaon and Bengaluru for the next three months.

5. OYO Rooms Raised $100 Million From SoftBank, Sequoia And Others:

OYO Rooms Funding

Branded budget hotel rooms aggregator OYO Rooms said it has raised $100 million in a funding led by SoftBank and its existing investors Greenoaks Capital, Sequoia Capital and Lightspeed India.

The raised funds will be used to implement new customer experience initiatives, build technology products, and extend its network.

The venture will also expand its network to 50,000 rooms and 100 cities in India by the end of the year. Currently, the company is present in more than 70 cities with more than 12,000 available rooms.

The 2 year old Gurgaon based venture has grown to become India’s largest branded network of hotels. For customers looking for a place to stay, OYO offers a three-tap booking app, convenient payment channels, high quality reliable experience and services, and 24X7 customer support. In India’s highly fragmented hotel industry, OYO empowers unbranded hotels to increase revenues by providing access to technology, operational best practices and a national ecosystem of vendors and sales channels.

Ritesh Agarwal, Founder and CEO of OYO Rooms said, “We are at the forefront of solving a problem of lack of predictability of experience across hotels in the country. Our vision is to provide a standardized experience – the OYO experience, to anyone, anywhere looking for a place to stay when not at home. We are excited to have global investors like SoftBank partner with us in this vision. Their experience in building innovative companies globally will bolster our efforts to grow into one of the world’s most trusted hotel businesses.”

In March 2015, the company raised $20 million in a funding round led by Greenoaks Capital and other existing investors.

This is the fourth investment of Japan’s Softbank in Indian in the last 12 momths.  Previously SoftBank has made around $1 billion investment companies like Snapdeal, Ola and Housing.com.

This article has been adapted from TheStartupJournal.




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